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Date Published: 18/07/2022

ARCHIVED - Electricity prices across Spain fall by almost 6 per cent

ARCHIVED ARTICLE

A Megawatt hour of electricity in Spain has dropped to 214.75 euros

<span style='color:#780948'>ARCHIVED</span> - Electricity prices across Spain fall by almost 6 per cent

With Spain still gripped in a scorching heatwave that has lasted more than a week, electricity prices for regulated customers have surprisingly fallen considerably on Monday July 18. Energy costs in the wholesale market have dipped a substantial 6% compared to the previous day, to stand at 214.75 euros per Megawatt hour (euro/MWh).

This figure has been reached after the average price in the market was added to the compensation customers have to pay to the combined plants as a result of the so-called Iberian exception, which has put a price cap on natural gas used to generate electricity.

This price limit was introduced last month and hopes were high that it would pull down the overall cost of energy across Spain. Unfortunately, this coincided with the first heatwave of the year and so electricity costs kept rising. To mitigate the effects of the July hot spell, the government has appealed to the public to cut down on the use of air conditioning and fans whenever possible.

Although prices possibly haven’t dropped as dramatically as expected, the Iberian exception is in fact having an impact: without the reduction, the cost of electricity today would be at around 241.77 euro/MWh, or 27 euros more than consumers are currently paying.

Image: Freepik

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